X/Twitter’s Net Worth Reportedly Takes Massive Dive

The platform formerly known as Twitter has gone through some major changes since Elon Musk’s 2022 takeover. The billionaire renamed the company “X” and eradicated the blue checkmark system used to verify celebrities and public figures; now, anyone can be verified for just $8/month, causing some serious chaos in the early days as parody accounts posed as actual celebrities. For the most part, those who still use Twitter/X have become accustomed to the new features and moved on from mourning what Musk has taken from them. These days, the father of 11 owns 74% of the company , although Forbes estimates his stake “is now worth nearly 70% less than he paid for it” two years ago. This clearly indicates Musk is making less money, but what does this mean for Twitter’s net worth?

New Reports Reveal Twitter’s Net Worth Is Down By Billions

In October 2022 (after trying to back out of the deal), Musk paid $44B for X, then-known as Twitter. A company named Fidelity invested $19.66M into the deal at the time, but as News Nation reports, a Fidelity Blue Chip Growth Fund report values their stake in the social media platform as just $4.19 as of December 2023. This suggests that Twitter’s net worth is now $9.4B, or almost 80% less than what Musk bought it for.

Earlier in September, X released its first transparency report since Musk’s takeover. In the first half of 2022, they suspended 1.6M accounts; this number jumped dramatically the next year to 5.3M users losing access to their profiles. More than 10.6M posts were “removed or labeled” for violating platform rules, as per The Associated Press . A reported five million of these uploads violated the “hateful conduct” policy.

Despite The Downfall Of His App, Elon Musk’s Net Worth Is Still Astronomical

According to Forbes, Elon Musk has a real-time net worth of $268.8B as of Sept. 30, making him the wealthiest man in the world. Even still, this figure is down considerably – by $1.1B (0.39%). It’s possible this downturn is a result of the situation with Twitter/X, but the South African native still has other companies like Tesla, SpaceX and the Boring Company to fall back on.

The post X/Twitter’s Net Worth Reportedly Takes Massive Dive appeared first on AfroTech .

The post X/Twitter’s Net Worth Reportedly Takes Massive Dive appeared first on AfroTech .